One of the founders of MySpace has backed an interactive online video gaming community allowing users to trade games, swap cheats and share tips and thoughts via blogs.

Los Angeles-based SaySwap, which claims to be the first social network for gamers, uses a virtual currency based on trading tokens to exchange games. 

MySpace founder Brad Greenspan is backing the new venture through his LiveUniverse company established to nurture video, entertainment and social networking properties.

Mark Elfenbein, chief executive at SaySwap, said: "I had become frustrated with the lack of good titles at game rental stores and the steep $50+ cost of new games.

"This long-overdue service allows players to trade away their old games to acquire the games they want to play."

Elfenbein has a track record in the business. He co-founded SkillJam Technologies, a pay-for-play gaming site with over 12 million registered users, which was sold to Liberty Media in March 2006.

SaySwap registration is free, and users are allocated an initial 30 purchase points.

"Players of practically any console or device can interact with peers from around the globe to trade games for a mere fraction of the price they would pay at a traditional retailer," said Elfenbein.

SaySwap is also entering into a white label partnership with CheatCodes.com, a one million strong cheat code sharing community.